The Elliot Legal Group, P.A. Offices | Fort Lauderdale and Miami

3101 N. Federal Hwy., Suite 609,
Oakland Park, Florida 33306

*Licensed in England and Wales, Florida and Washington D.C.

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Surfside real estate attorney title insurance

Buying a home is likely the most expensive purchase that you will make in your lifetime. The moment you receive your keys may give you a surge of pride, but the path to get there can sometimes give you a headache. Without a professional guiding you through the process, it can quickly become overwhelming and you may feel as if you are paying for unnecessary additions, such as title insurance. This type of insurance incurs a one-time charge included in your closing costs and it protects the lender. But what about owner’s title insurance? Should you spend the extra money for the additional protection in Florida?

What Is Title Insurance?

Before your home closes, your mortgage lender will require a title search, which searches public records for any title defects related to your home. For instance, the title search may bring the following issues to light:

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Surfside real estate attorney

Buying a house is likely one of the most expensive and meaningful purchases that you will make in your lifetime. Whether this is your first home buying experience or your fifth, it is important that you have a legal expert by your side to guide you through the process. Florida law does not require the purchasing or selling parties to hire a real estate attorney, though it is always advisable to do so. Not only can this save you time and money, but a reputable real estate lawyer will confirm that the terms outlined in these complex contracts do indeed match your stated agreement to the seller. If you are considering purchasing a home, our Broward County real estate attorney can guide you through the below steps. 

The Purchase and Sale Agreement

One of the first documents in the buying process, the purchase and sale agreement determines the terms of your purchase—and the enclosed details may not be adjusted or avoided later in the process. For this reason, it is important to hire an attorney before signing any legal documents. Florida law requires judges to treat you as if you read every word of a document before you signed it. In other words, if you skipped a few lines and missed key details, the judge will likely still enforce the terms of the agreement.

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Surfside real estate attorney

Despite COVID-19’s impact on the U.S. economy, the housing market has not come to a stop. Since a high number of Floridians have lost their jobs or taken a pay cut in the last six months, many of these individuals are looking to downsize and reduce their mortgage payments. Additionally, some Floridians have begun to recognize the risks that large cities can pose on its inhabitants, choosing to move outside of these urban areas and avoid forced close quarters. And for those who refuse to let COVID-19 put their life on pause, there is no time like the present to start fresh. Regardless of the reasoning behind moving or deciding to purchase your first home, making such a large purchase can be exciting and intimidating. The home buying process involves much more than simply finding the right type of floors or cabinets. From finding a property to completing the closing process, working with a real estate attorney is your best way to be prepared every step of the way.

Find the Right Professionals

It is never advisable to take on the house hunt and legal home buying process without the help of reputable professionals. Your first step is to find a real estate agent who understands what you are looking for and is familiar with the area in which you are looking to move. A well-experienced real estate agent will be able to help you find a property that fits your financial and personal needs in a reasonable amount of time. A mistake that many first-time homebuyers make is attempting to find a property on their own, spending months or up to one year looking for places to live. Although it is helpful to see a number of properties before deciding on one, the process can sometimes make homebuyers feel overwhelmed. Once you have found a property that you are interested in, hire a reputable real estate attorney to help you with the remainder of the legal process.

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Surfside real estate attorney

COVID-19 has been labeled “unprecedented,” “a global pandemic,” and other phrases that designate the impact this contagious virus has had on our nation. With stay-at-home orders being created and extended, restaurants and bars being restricted, and many people losing their jobs as companies cut costs, it can seem impossible to follow through with some of your contractual obligations. Real estate is one of the areas taking the hardest hit—renters are struggling to pay their monthly fees and homeowners are having difficulties with their mortgage dues. Although moratoriums have been put in place, allowing some leeway with payment due dates, they will soon be coming to an end, leaving thousands of Floridians unsure of what to do next.

What Is “Force Majeure”?

The term “force majeure” refers to a clause present in many contracts giving signees a loophole for following the terms of that contract. In general, force majeure clauses require the petitioning party to present a specific and compelling reason why he or she cannot perform the terms of the contract. However, simply saying times are hard is not enough evidence to escape the contract’s terms. In Florida’s legislation, force majeure includes hurricanes, floods, earthquakes, fire, extreme weather conditions, or other acts of God, wars, insurrections, acts of terrorism, or unusual transportation delays of which the non-performing party is unable to overcome. As you can see, the global pandemic is not included in this description, yet one might consider these unusual and unforeseen circumstances “other acts of God.” 

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